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Ctrip Reports Revenue Growth In Second Quarter 2004

Ctrip.com International, Ltd., the consolidator of hotel accommodations and airline tickets in China, today announced its financial results for the second quarter of 2004.

Ctrip's American Depositary Shares, or ADSs, each of which represents two ordinary shares of Ctrip, are currently traded on the Nasdaq National Market. Highlights for the second quarter are as follows:

– Net revenues grew by 25% quarter-on-quarter to CNY80.5 million (US$9.7 million). It increased by 332% year-on-year, partly because the net revenues for the second quarter of 2003 were materially and adversely affected by the SARS outbreak during the period.

– Operating income grew by 42% quarter-on-quarter to CNY36.2 million (US$4.4 million). Operating income for the second quarter of 2003 was negative due to the material adverse impact caused by the SARS outbreak.

– Net income grew by 45% quarter-on-quarter to CNY31.4 million (US$3.8 million). The diluted earnings per ADS were CNY1.94 (US$0.23) for the quarter, against our original estimate of between CNY1.70 (US$0.20) and CNY1.75 (US$0.21) per ADS. The diluted earnings per ordinary share were CNY0.97 (US$0.12) for the quarter.

– Gross margin remained strong at 86%, operating margin increased to 45% and net margin reached a record 39%.

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